World leaders calling oil countries but not Kuwait – Why are we being ignored?

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WITH the start of the Russian- Ukrainian war and the imposition of sanctions on Russian oil exports, the oil markets have started witnessing high levels of oil prices, which created some panic-buying in the markets and the search for precious oil. The top world leaders from the USA and Europe have started knocking on the doors of oil producing countries in search of fresh oil, and urging them to increase oil production.

Kamel Al-Harami Independent Oil Analyst

They called Saudi Arabia and the United Arab Emirates, but not Kuwait. Kuwait owns almost 90 or more billions of proven oil reserves, or the fifth largest globally, but still our phones didn’t ring. How? Why are we being ignored? We are simply unable to produce more crude oil for the world. It is unfortunate that our crude oil production has been declining since 2017, and nothing has been done about it, despite the millions and even billions of dollars being spent for maintaining our production level of 2.9 million barrels per day by Kuwait Oil Company.

The daily production level of Kuwait continues to be 2.6 million barrels, while the production rate of our neighboring countries are high such as the United Arab Emirates at 2.95 million barrels with spare capacity of almost one million that can be made available when required, as well as Iraq at 4.260 million barrels, Iran at 2.56 million barrels, and Saudi Arabia and Russia sharing the same rate of 10 million barrels.

Our numbers are shocking in comparison to other oil producing countries. We cannot help but wonder what our oil companies have been doing or where the responsibility lies. Why isn’t anyone raising the flag in KPC or the Ministry of Oil which regularly attends all OPEC and OPEC-Plus meetings? Do we realize the fact that we are being ignored and bypassed by world leaders during such desperate times in search of oil? The world could face some severe shortages in the coming months, especially with three million barrels of Russian oil leaving the market from next month. This could prompt world leaders to call on Riyadh and Abu Dhabi to pump more oil for the sake of ensuring stability of oil supply and price. Meanwhile, our country Kuwait is being sidelined.

By Kamel Al-Harami
Independent Oil Analyst

email: [email protected]

This news has been read 29707 times!

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